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CNBC
Jan 29, 2013 7:00pm EST
vitter on many issues. i disagree on this issue. i think we start taxing these people. they are already benefiting from the social serve thes and encase system. so let's tax them. from a security point of view, this is helpful and i think that this is not an amnesty. you are letting people go of a crime. these people are going to have are to pay taxes and crimes. i cthink it is a brilliant program. the only thing stopping it is president obama if he does not agree to it. >> if this does not have border security in it. the republican party, to me, if you give the free flow of immigration for workers, there can still be border security, there could be -- right? anybody who wants to come for legitimate reason ares wants to come. >> right. >> larry, can i ask a question? >> what i want to say, all right i'll direct it tow. the gop should be the party of growth and opportunity and the party of entrepreneurship and the party of upward mobilitity. here is my point. if the brainyacs come in because we want them to stay and want to attract them and if the rest of the workforce lets go of
CNBC
Jan 31, 2013 4:00pm EST
the payroll tax increased, we want to be cautious around u.s. large-cap stock. we see what happens when interest rates go up. there will be a limit to how high rates will get but will trudge higher here on the ten-year. be careful there. >> a good point in terms of the emerging markets. how do you want to play that and participate in this, etfs or what? >> we try to find managers that try to find a little bit of alpha on that within the various markets. you could do etf iffy want to get in and try to find a manager. there's been able to the last five of the years. >> one of the things about imerging markets that peel don't understand, the ones that are growing the fastest also pay the highest difficult dense. i think can you pla i it with etfs and to it with lower volume etfs. ent rim into that space can be easier and cheaper as well. >> low volatility and better performance, so it's almost a holy grail type of approach. >> and there are a handful of etfs that do just that. >> rick santelli, the jury is still out on whether or not it's official, whether we're actually seeing this m
CNBC
Jan 23, 2013 7:00pm EST
data out of china, whether the payroll tax cut will cut into consumer discretionary spending down the line. apples ipads and iphones sold a lot but the profit margin was slim. is this a company story where the company is in trouble after the great steve jobs has passed snarp. >> it feels that way, larry. we've got this darling-to-dog story we've seen so often notice tech space. we have a gadget company in the tech space that's struggling with margins on its gadgets and a lot of the worst fears that they would face other gadgets from other kinds of companies seem to be coming to pass, but the service tech companies like google and netflix, they're all of a sudden out there increasing share. >> knock the cover off the ball. >> knock the cover on. and as long as you have a razor blade story and not a razor story, i think that's the difference peer. >> dave goldman, am i wrong? sometimes ji am very wrong. does this forecast a stronger american economy, even a moderately stronger economy? >> absolutely not. i was a raging bull in 2012. i'm neutral on it. the s&p is trading tick for tic
CNBC
Jan 24, 2013 7:00pm EST
think that's going dissipate through the year. the consumer is in a worse spot primarily because of tax hikes. supply side economics, right. so apple is a consumer company for the most part and i think that any consumer company will struggle. >> that's an important point. let's follow that point. is part of this apple drop weakness in consumer spending or expected weakness, or is it, in fact, the competition from samsung and the fact that the company is not executing. in other words is it a company story, an economics story, what is it? >> there's a lot of company specific stuff going on just comparables this quarter versus a year ago. that's part of it. it's a maturing company to a degree. it's going through its growth phase. now getting into the phase which hopefully will last a long time you focus on return on invested capital. that could be fine. the market has to adjust to that perception. i think the consumer point is a good one. is the consumer going retrench with higher taxes and we see the jobless claims out the last few weeks -- >> coming down. >> they are looking great. >> is
CNBC
Jan 30, 2013 7:00pm EST
everybody's surprise. so the white house is blaming republicans for the fiscal tax cliff and the spending sequester which i think is hilarious. they invented the sequester. we have had tax, spend and regulate policies for four years. why not try something different. let's talk about it with our powerhouse panel. jared bernstein, center on budget and policy priorities. senior fellow. doug holtz-ekin, peter suderman and james freeman, assistant editor for the wall street journal. james, i'm amoused right off the top. team obama starts attacking republicans first of all for the budget cutting sequester which they invented. second of all, for the fiscal cliff which they also invented. how silly is this? there is nothing serious about it at all. >> here we are. this is three years of big spending obamanomics. it's a terrible recovery. not what we need to create jobs. >> worst recovery since 1947. spending, taxing, regulating. we'll get into details. this report is not as bad as it's made out to be. >> i agree. >> the basic thrust is why not try something different? 2% growth is lousy, the wors
CNBC
Jan 24, 2013 1:00pm EST
state. did raising taxes work for california? we know it didn't work for phil mickelson. >> we hope he doesn't move away because we need him in his state of the state speech, governor quotes genesis seven years of fat followed by seven years of lean. he says the fat is back. and up next, what he plans to do about it. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro. tdd# 1-800-345-2550 when the sp
CNBC
Jan 30, 2013 6:00pm EST
knowing what would happen with their taxes. the uncertainty was horrendous, the mood sour. . we were getting all sorts of cross currents about what would happen with corporate and personal taxes. were they going to raise taxes, were capital gains going up? would the alternative minimum tax snare millions of people? would businesses have to start a whole brand new round of layoffs? executive after executive came on this show to say, look, we can't do a thing. what's the point? we will just have to undo it. business confidence plummeted, and the idea of forming a new business. well, remember when the ceo of paychex came on and talked about the paralysis caused by the cliff? who would leave his job to start a new business in that environment? okay. retail sales weren't that bad. but they nose dived right at the end of the quarter. retailers were afraid to restock inventory figuring that spending would drop off the cliff right along with the nation's finances. it was all in all a very bad time for our nation. now, overlay the storm of the century for the northeast. one that shut down the
CNBC
Jan 30, 2013 4:00pm EST
data, and it's about see some very soft consumption numbers. have you a $200 billion tax increase this year and a $110 billion sequester. these are not small fiscal tight things. it means that first and second quarter are going to be very weak. it's no longer going to be talking about the risks of the fiscal cliff. we're actually getting about half of the fiscal cliff, so i think you're supposed to be cautious for the next few months. >> and that's not necessarily what we're seeing in investor behavior right now, margie. the same question for you. is this justified given the fact that we are headed into the next couple of months where things will get tougher? we know that we're garnishing defense cuts coming. we know that the fourth quarter was weak because everybody was in lockdown moved. do you want to lighten up on stocks, or not? >> may have a few little bumps in the road. frankically i welcome government spending cuts. i think that would be very positive long term. when you look at way from the government and look at what companies are doing, company results. global competiti
CNBC
Feb 1, 2013 1:00pm EST
? clarification from washington. a grand bargain encompassing a deficit reduction for ten years like tax reform and titlement reform. discretionary titlement reform. and debt extension for maybe two years. first, the recession needs it stabilize there. but a clear road to fiscal, banking reforms and indication that europe is serious about improving competitiveness. third, resumption of growth in emerging economies led by china. finally, the fed successfully engineering a modest increase in interest rates without unleashing run away inflation. i know, tall orders. >> this is a tall order, bob. >> but this would create a huge boost of business confidence. capital expenditures and hiring would increase and revenues would rise. finally, sue, on a day when the dow passed 14,000, it is forth while noting that the last time the dow passed 14,000, valuations were much higher with the ratio for the s&p at that time was 22. about 14 right now. what does that mean? well, historic average for the s&p 500 is 15, it means the market was way overvalued, sue, in 2007. today it is somewhat underval i'd.
CNBC
Jan 24, 2013 4:00pm EST
coming up with a -- >> house majority leader eric cantor is there and says the to leaders tax eswill not sigo up. you're watching cnbc, first in business worldwide. >>> we have had a busy, a barrage of earnings. we've had microsoft and at&t and starbucks, all posting their latest quarterly results minutes ago right here on the show. let's get a roundup now that we've had time to digest and read through all the earnings action. rights, bertha? give it to us. >> reporter: not full digestion but a tummy still full looking at the numbers. fiscal second quarter for microsoft beats by a penny. street looking for 75 cents. refnous more or less in line. actually had missed on both the top and bottom line last quarter. take a look at the reaction of the stock. we've got microsoft here. there we go. it's still down, however. sold 60 million windows 8 loy senses. no details on the surface sales. that's something else people may ask on the license call. at&t, strong on the bottom line, and actually missed on both the earnings for the same quarter last year. they said they saw smartphone f
CNBC
Jan 31, 2013 4:00am EST
. agriculture stocks rallied as property developers tumbled on talks beijing may introduce a property tax program for the city as early as the first half of this year. in hong kong, the hang seng lost .4%. the noble shares split 5.25% despite a record quarter in top and bottom line. that stock had gained 50% since last august to a multi year high. we are seeing some profit taking here. the kospi pulled back a modest 0.1% after gaining for two days. australia's asx 200 snapped a ten-day winning streak with miners losing. india's sensex now trading lower by 0.6%. back to you. >> sixuan, thanks for that. >>> now a couple of web stories popping online, the dow joins industrial average yesterday, just 46 points from topping that trading high. can it take out that 14,000 mark? find out what analysts have to say at cnbc.com. >>> after topping analyst estimates from the quarter, google is now priced at more than $750 a share. but if ths that stock going to from hot to too hot? find out on the website, as well. >>> despite the initial disappointment, some analysts are arguinging the release of the
CNBC
Jan 31, 2013 3:00pm EST
, there are a whole host of taxes across a number of sectors. there's taxes on investment income. there's taxes on devices. there's taxes on drugs, and all of that flows through ultimately to premium that employers have to pay for their employees. that's going to get reflected in the cost of their prices to consumers, so ultimately it gets right back to the consumer. >> you said on "the call" today some companies are trying to avoid health coverage by reducing employees' hours. i'm wondering if that's one of the unintended consequences of this whole thing of what we need to consider and what the broad implications might be on the overall employment picture as a result of affordable care act. >> well, i think that one of the things that we always know about regulation, that as long as we're part of a free market, which is what our country is, that people are going to find a way to fix it to work for them economically, and so one of the things that we will see in the service industries, particularly hospitality and retail, is we're going to see people shorten hours on some of their
CNBC
Jan 28, 2013 11:00pm EST
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CNBC
Jan 31, 2013 11:00pm EST
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CNBC
Jan 27, 2013 11:00pm EST
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CNBC
Jan 29, 2013 6:00am EST
on rye kind of what we're seeing. here is one thing that we're watching. the payroll tax increase didn't bother us when the price of gasoline was down. but over the past few weeks, we've seen the price of gas go up by anywhere from 30 to -- 25 to 35 cents per gallon. that really puts an impact on $20 a week for 50,000 in income. that price in gasoline really was going to make double hit behind the increase in payroll taxes. >> that is an interesting point. i hadn't really thought about that. when it comes to the jobs number on friday, kevin, tell me what you think the market is looking for? what would be really good news and what would be look out? >> they want it big. the guys are going to probably pull bids out and put up some shorts going into it. i'd watch for an air pocket down. my own opinion is i think you'll see a number finally over 250. we're overdue for that number. and -- >> the dawn of february 1st? >> they don't have time to cook the books by february 1st on that, do they? huh? >> it's friday. >> they're supposed to be good at it, i don't know. >> well, they are -- >
CNBC
Jan 30, 2013 4:00am EST
that we knew this morning. basically because last quarter we have an increase on the vat taxes and really we pass from the bat from 70% four years ago to 21% now in the last quarter. really as you say, the retail -- the consumer has fallen down dramatic. we need to remember that the public employees has cut their extra payment from the christmas extra payment. and this situation with no more extra for christmas present has fallen down, too, since christmas time. >> citibank says public debt the surge from 88% to 110% of gdp in two years. surely the spanish government is going to have to go into an ecb program. not so that they can get cheap money. so they can get money flowing. >> yeah. as you say before, the situation is the new ministers that the government call reinforce our economy. really our debt limits is too high in terms of ecb, in terms of europe. okay, we're going to cut in our deficit level, but it's not enough. now the question is, if we need to rein in our growing economy and how to do it if the tax increase is enough for the consumer, it's enough for the companies in
CNBC
Jan 28, 2013 6:00am EST
maintenance fees are? this does include taxes, and it is a hotel. but it doesn't include your mortgage. you're paying $95 million. and then what do you pay -- >> during the commercial break i guessed 17 grand a month. >> i would like to raise that -- >> 17 grand a month? >> to 55 grand a month. >> very close. 60,000 a month in monthly maintenance fees. now that does include twice -- it includes maid service and a spa and some other things. so you're paying $95 million and then you're paying $60,000 a month in maintenance. but we bring you through all kind of apartments tonight. $160 million worth of real estate in new york. >> are these places back? i mean for awhile things crashed and nobody could afford these places. are they really back? because we still talk about how on wall street those pay packages are coming back. >> that's what everyone was saying a year ago, two years ago. two things happened. one is foreign money. i mean one of the great things about this show tonight is we bring you through with a russian buyer as he's in central park west. the russians, the chinese, the la
CNBC
Jan 30, 2013 3:00pm EST
billion of drag to what's already there from the tax increases we saw earlier in the month, and you put it all together and you've got 1.5% to 2% of fiscal drag instead of the usual boost so i think it will slow us pretty rapidly. you know, given that we're flat in the fourth quarter, it's not a good sign. >> when does the debt catch up to us then? i mean, do you worry about the $17 trillion debt, $16.4 trillion debt? when does that catch up? >> you know, i don't worry about it too much for two reasons. one, i tried to worry about it with japan and lost an awful lot of money betting on interest rates going up there. secondly, remember, interest rates on outstanding debt are about 80 basis point on average for the government so the debt interest rate burden is about 1.5% of gdp. that's about as low as it's ever been. we're lucky, but that's the way it is. >> lindsey, so what's the answer here? let's just assume that the -- that the sequester takes effect. >> sure. >> that you do have the pullback in spending. seems to me that would put an awful lot of pressure on the fed to try to do
CNBC
Jan 25, 2013 9:00am EST
got plenty of room to make a good margin and pay this tax to microsoft for the operating system. i'm not so concerned about apple as much as just the whole market getting commoditized. on the consumer side, i think that's a tough market for microsoft. if you don't need office, you really don't need to pay a premium for your products. they can afford to cut price on their hardware. microsoft's hair wear shipments are material on the market. they're there to show good design. it's important that their partners -- >> you could say they're out of touch. you mentioned office. i see now there's a suggestion that actually when the new office suite comes out, it will be licensed. you will pay a monthly subscription in order to have microsoft office. that doesn't seem to be where the bulk of the market is at the moment. that's not what consumers are doing, generally in their lives, is it? >> actually, simon, 20% of office's consumer, you know, 80% is enterprise, and 60% of enterprises are on subscription already. so there is a pretty significant migration to subscription that's well along. so
CNBC
Jan 30, 2013 2:00pm EST
. very aggressive ones on march 1 and that will have, in addition to the fiscal drag, higher taxes. that will hurt the economy which may have to prompt the fed to do more. how they characterize the economy is critical. as i said, they are cognizant about it not be a self fulfilling prophecy. also, esther george is voting and she will be with her predecessor from kansas city this time around as well. >> when you consider the huge reaction and the discussion of how hawkish the minutes are, they are try to get it very, very straight. >> i think they talk about it the last several days. i'm not sure we will see much in terms of the announcement of the minutes. i think they recognize that all asset markets are artificially priced and dependent on the ability of their monetary policy but the time that it takes to do so and how long the fed stays low and how long it takes to get to 6.5% unemployment are the relative questions for the market today. we think it'll be a few years at least -- >> federal open market committee decides to keep funds rate at 0 to quarter percent an anticipate thi
CNBC
Jan 31, 2013 12:00pm EST
to have happen is the hard work needs to be done. we've seen the beginnings of the tax side of that, now we have to see the spending cut side of that. it will be hard and grind out and ultimately just like we believe the baby grand bargain will be achieved the work will be done and we'll get there. >> can the market rally unless we get that? if we don't get that until the fall time frame what does that mean for the market overall? >> i think we can rally. earnings are good. we're expecting a tick-up this year in the u.s. economic growth through about 2.5%. we think global growth can go from 3% to 4%. all of that creates a solid underpinning and what comes in to create that reallocation in a big way is the deal in washington, is the grand bargain and the transparency as well as clarity on fiscal policy. >> great to have you. keith banks, u.s. trust president right here. >>> all right, our market discussion doesn't end here. coming up this hour, double line capital's bonnie baha discusses bonds and whether there is a bubble in fixed income. let's go over to julia boorstin in l.a. for
CNBC
Jan 24, 2013 5:00pm EST
that. there's still an undertone about a worry in austerity. the tax rates will serve as an anti-stimulus. >> i'll talk about mobile because that's a big growth area for your business. as tablets become much, much more popular out there, what are some of the solutions that verifone offers? and how does that change, more importantly, the mix, and how does it shift the mix in your hardware business? >> well, checking out is not the only place that you pay now, you can pay throughout the store, you can pay in an aisle, you can pay at a roadstand, so our business is flourishing with a number of mobile products for clienteling, which bring the retail clerk and the consumer closer together for opportunities to order off of e-commerce websites in the store to fulfill inventory shortages that you might not have at that time. inventory management, et cetera. so retailers are looking to us for more than just a traditional verifone point of sales systems at the checkout counter, but they're looking for technology throughout the store. that's going to be a very good driver for us in 2013 and
CNBC
Jan 24, 2013 3:00pm EST
perspective, we'd love to see something done on the corporate tax rate here in the u.s. love to keep more jobs here. just got to find a way to solve that problem. >> how does obama care and the health reform affect you as a company? >> well, certainly it provides re people will be covered by prescriptions. that's great news for the entire pharmaceutical space. for our particular company, we don't focus so much on continuous care medicines. we generally focus on women's health, those kind of issues so for us not as great but for other pharmaceutical companies great opportunity. >> we'll let you go. they will be anxious to get you up to the balcony so you can ring the closing bell. your logo is green. why didn't you wear green? >> i wore green for him. >> you're australian? >> yeah, i'm starting to forget it. >> no idea. >> we're about to enjoy the close with 20 minute to go here, and the market is continuing to levitate a bit. >> absolutely. still marching closer and closer to a all-time high. really driving this rally? is it fundamentals or just the fed's easy money? that's coming up
CNBC
Feb 1, 2013 4:00am EST
motivation about the proposed 57% tax. >>> and we're just about two days away from one of the biggest sporting events in america. the super bowl. the baltimore ravens and the san francisco 49ers are battling it out. there will be plenty of auction off the field. brian shactman has been taking a look at the business of advertising ahead of the big game. >> everyone has their choice for what they consider a classic super bowl ad. whether you like contact, any use of the force, as well as inanment objects knowing how to get down. >> it's that kind of party. hit it. >> the super bowl is one part football, one part tailgate and one part cultural super bowl phenomenon dating back 30 years. >> when we all saw that 1984 xlushl for apple, i think that's when we really all started to loot a commercials in a different light for the super bowl. >> fast forward to 2013 and the ads are scrutinized as much as the game and the cost is enormous. mercedes benz made an eight-figure commitment and brought in super model kate upton to launch an entirely new line of cars. >> it's hard to believe there coul
CNBC
Jan 28, 2013 1:00pm EST
call it maintenance. >> okay. >> homeowner association and real estate taxes are combined in one monthly figure. and what the number? including made service twice a day. and all of the other amenities which come with this, which include a spa. >> maybe up into the 50s. >> a little under $60,000 a month. >> that actually very reasonable. >> yeah, very reasonable. with maintenance fees, that around $720,000 a year. include care takers, your insurance, cleaning staff and more. and it probably cost around $1 million a year, just to keep the lights on in this apartment, in the historic sherry ledgerland building. maintenance fees are popping up all over high end in new york city. if you bought a 1200 square foot condo, that will cost you around $2,000 a month in maintenance fees. on top of mortgage and utility. what do you get for that $60 grand at sherry netherland. made service, restaurant downstairs, should be all you can eat for that amount. el rater operators. and three private elevators. to see more of the $95 million mega mansion and go one on one with dolly lands, and secret l
CNBC
Jan 29, 2013 2:00pm EST
$10,000 for fourth wheel. >> we met that car. >>> why is washington obsessing about tax hikes and spending cuts alone in what about growing the economy some we're going to dig into that in the second installment of our grow up series. >> in the moon time, major story developing in the sports world. a new report says some of the biggest baseball players are still doping and they have proof. details coming up. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me. tdd#: 1-800-345-2550 it's packed with tools that help me work my strategies, tdd#: 1-800-345-2550 spot patterns and
CNBC
Jan 25, 2013 6:00am EST
mean just raising taxes? isn't most of the austerity in europe raising taxes? >> no. >> not in greece? >> it would actually be starting to collect taxes. >> we raise taxes, which have to do with the middle class -- >> that's the austerity you're talking about, raising taxes? >> yes. >> and also the cutting of wages. we have a dramatic cut in wages, not only in the public sector, but also in the private sector. because the economy, the basis itself on small and medium enterprises, which mainly produce for the domestic market, this has been a distraction. we have lost a lot of jobs, a lot of company, the private sector in a very bad state, in a country which was growing with a rate of more than 4%. but this double -- >> so much more than you were taking in at that point. there's a deficit that has to be paid off. and the measures you're talking about, technology and organizing the economy could take a long time to kick in. >> this is correct. but the main problem in greece was always state revenues. because they do not tax the rates. they allow tax evasion for the wealthy people
CNBC
Jan 29, 2013 11:00pm EST
vomiting. the flu comes on fast, so ask your doctor about tamiflu. prescription for flu. ...tax time can ofbe...well...taxing. so right now we'll give you... ...$10 off any turbo tax deluxe level software or higher! find thousands of big deals now... ...at officemax. >>> i'm jim cramer. welcome to my world. >> you need to get in the game. >> firms are going to go out of business, and he's nuts. they're nuts. they know nothing. >> i always like to say there's a bull market somewhere. >> "mad money," you can't afford to miss it. >>> hey, i'm cramer. welcome to "mad money." welcome to cramerica. some people want to make friends. i'm just trying to help you make a little money. my job isn't just to entertain but to educate and teach. call me at 1-800-743-cnbc. the dow jones average is just a stone's throw from 14,000. headed to its all time high that we reached five years ago. the index which rallied 72 points along with s&p and nasdaq 52.2% is in rarified territory for certain. yet the chatter it remains skeptical. as i've said many a time, i'm never going to criticize the skepticism. i app
CNBC
Jan 25, 2013 7:00pm EST
have we done? we've raised taxes by $200 billion a year. the reason that u.s. stocks are up 5% after this horrible thing we've done to our selves that under norm circumstances would cause a recession is because we're in a global economy and every other major country in the world is doing the right thing while we're doing the wrong thing. that's propping us up. we're fine, we'll have a great year. these other countries doing things right, that aren't kicking the can down the road, they're going to have fabulous years. that's where you want to put your money, my friend. >> i was reporting in 2007 when we hit dow 14,000 and everyone got slammed on that. there's a hesitance at these levels. what's not getting talked about enough is the impact on consumer sentiment. if you go to any coffee shop, grocery store, anywhere in this country, people are looking at their 401(k), they feel better and i think that will translate into positive consumer spending, which filters into the whole economy. >> the retail investors is getting involved. the money flows are ramping up tremendously on the retai
CNBC
Jan 31, 2013 9:00am EST
, competition from bonds, not so great. i still can't get over that they preserve thafd dividend low tax rate these are bond equivalents, a lot of stocks, especially when they boost the dividends. keep the balls in the air. that's what can happen. >> yeah. a lot of discussion yesterday as to why the fomc continues nobody that kind of mode as opposed to something else, which people speculated a lot b meantime, speaking of broad economy and markets, a pair of multinationals falling in the premarket, ups posting a earns of $1.32 that missed. revenues slightly exceeded. also issues guidance below estimates and dow chemical says the company saw significant deterioration in market it is serves, especially china. earlier on "squawk," dow chemical outlined the challenges for the company. >> could dampen the economy again through our politics but i would tell you i key is good things out of china with their leadership stabilizing and emerging asia as a whole. 35% of dow's revenues are now in emerging geographies and where we are putting a lot of our investment and our money. >> how concerning, jim, tw
CNBC
Feb 1, 2013 6:00am EST
borrowing money at least through may 19th. the measure postpones spending and tax cuts for at tleeft two months. the obama administration's decision on the keystone oil pipeline won't be made until at least june. that's according to a u.s. officials. the projects has been pending for more than 4 1/2 years. of course, we've had lots of debate about the pipeline even here around this table. >> let's check on the markets this morning. the futures are probably going to be what steady as we go. we'll see what happens at 8:30. but not bad so far. that would be getting back almost exactly what we lost yesterday. we lost about 49 points. and there's a lot of -- it was a great january, but then got that gdp number. we're warning, does it necessarily mean that the market has been wrong about the economy? or was it the one off and was it, you know, some special factors that caused that shrinkage and does it get revised back up and subsequent reports? i've heard a lot of places. this is the best negative gdp report. >> well, if you're going to have to pick a negative one, this would be it
CNBC
Feb 1, 2013 9:00am EST
they're probably going to be able to withstand this tax hike on the payroll side better than we thought. and people should start revising their numbers higher. >> in the last few days we wouldn't know whether we would reverse this winning streak or not. does this set us up for 1515, 1530, what? think it does. i think the only problem, carl, a start as quickly as we have so far this year, everybody's looking for that catalyst to pull back. we didn't get it today. as we head into next week, we sort of fall into that post-earnings quiet period. there's not a lot of economic data. so unfortunately our next focus will be down the road a little bit to washington, d.c. they could start the whole theater of, could we get something resolved on the sequestration and move forward there. yeah, i think this is great news. i certainly think the estimates for the u.s. economy will start probably working higher with the four months in a row of an average of creating 200,000 jobs. you know, the only problem here is that, for all those folks that sold out of equities at the end of last year because they
CNBC
Jan 29, 2013 4:00am EST
france, because it's bankrupt, stephane? >> no. i went out of france for tax reasons. you know that. spain might be even more trying to reduce its public deficit over the next couple of years. european officials will not make a decision until next month when they will assess the spanish austerity program on the 22nd of january. it was explained that europe information would have to take into account the growth prospect of the fiscal space for each country in europe and could, indeed, soften the spanish deficit target if the economy continues to contract. that's precisely what we are expecting because for the fourth quarter, we are expecting the spanish gdp to shrink by 0.4%. for the time being, spain has a deficit target of 4.5% for 2013. that seems to be really ambitious if not out of reach. because to meet this new target, the government would need to find $20 billion of additional euro cut. that won't help the spanish economy to go out of recession. for that reason, oli rehn thinks spain will need some incentive from stimulus measure toes improve its economy and boost its labor m
CNBC
Jan 25, 2013 6:00pm EST
the tax laws allow that to be. i do believe it's going to blow a quarter. i think mtw should split itself up into two separate companies. food, service, and cranes. remember those ice machines when you go out to -- ice machines, you feel like you're getting something for free. it's really water. we also get results from beemus. its tom symbol is bms, which stands for buy my stock. here's the stock i mentioned earlier this week as part of the brand new bull market in packaging of all things. you're going to sey 15id that. i'm expecting a very good quarter after the close. we get the new one, the ipo, barry plastics. the other packaging bull market player. i think there's a lot to like here too. on the lookout for both of these. if buy my stock goes down ahead of when it reports, buy its stock. all right. now, on friday morning i think you're going to see the contrast between the world's largest oil company, exxon, which has truly become a serial disappointer, and chevron, which has become a company that delivers some true and positive surprises. which is why i even it for my charita
CNBC
Jan 31, 2013 1:00pm EST
like a standard colonial. interestingly here, the taxes are just and for somebody in new jersey, there is a key, 4300 on that $800 thousand home. let's move to the last one stepping up above to $1.1 million. 600, 30 pj street in st. pete. >>> ty, counting down to super bowl xxxxvii. . brian? >> sue, the sun is out. league is ready. nfl is about squeezing revenue from everywhere. coming up on "power lunch." few places that they get money from you might not expect. we'll be right back. that has changed the modern world... would define you as an innovator. to hold more than one patent of this caliber... would define you as a true leader. ♪ to hold over 80,000... well, that would make you... the creators of the 2013 mercedes-benz e-class... quite possibly the most advanced luxury sedan ever. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. >>> maybe you've heard this. 49ers taking on the ravens. so much is made of the commercials during the game but is the big money really made on the field? brian is live in new orleans. bri
CNBC
Jan 28, 2013 9:00am EST
moveing 5$50 billion euros of deriv take to take advantage of tax breaks. that will be popular and concern they have an exceptional threat to the republic of ireland if that blew up and the big day to this week is pmi's coming out of italy and spain. always forward-looking indicator where we might be going with the economy. could it be we have greater stability than we thought. that would be great. >> and we have numbers of our own. let's get a check on energy and commodities. good morning, sharon. >> good morning. we're looking at gasoline futures the leader, highs of the session up about 6 cents or so on the heels of hess announcing it is closing its refinery in new jersey. it prods 10,000 or i should say 50,000 barrels a day of gasol e gasoline, a small refinery compared to others but also key for the snoerk harbor area and why we're seeing an impact on the nymex crack. drivers are likely to see an increase and we could see 5-10% price jump in the new york area and along the east coast. we're watching what's happening with natural gas. it's fallen off a cliff due to we're lookin
CNBC
Jan 31, 2013 7:00pm EST
taxation, larry, and you can't tax an economy in the prosperity period. >> look, ideally you would say okay, we're going to freeze government spending at this level and that would mean over time it is going to fall as a percentage of the economy, but you can't ever get congress to do that, right? so it always ends up being something very harsh to get things done. and so this is the consequence that you have to face. at least in the short term. that you're going to have a short-term hit to gdp. but in the long run, the numbers are going to be better for the united states. >> most of that stuff is transfer payments. >> agreed. >> it will not even affect gdp. defense purchases do affect gdp. but to america since nobody ever wants to cut spending -- >> you got to cut somewhere. >> and i would do it right now. >> and it will only happen during bad times, larry. it will never happen during good times. we see that over and over again, when the economy is going gang busters, the government just chooses to spend more. it's in its nature. you have to do it when it's tough. >> lower spending means a s
CNBC
Jan 31, 2013 2:00pm EST
. >> we are in california here so we have tax issues going on in the state, obviously. and i think especially for california based investors but also i think munies make sense at this time as well. >> what keeps you both up at night? >> one thing that worries me the most and that's policy mistake. whether from the fed or central bank, we like the easy free man markets. you see the money pronouncement, you see what the markets did. for any reason we changer reverse, we think the markets act accordingly. >> is a continuing fiscal debate. >> we need washington to get the job done and get out of the way and let markets move forward with certainty. >> wall street is increasingly shrugging off washington. thank you so much for joining us today. brian, backer to you. >> mandy, i have good news. california no longer has the worst credit rating of the states. that honor goes to illinois. they can have a beer tonight. >> speaking of beer, a big beer deal goes flat. regulators smacking down a $20 buyout. plus, a story around this we are just getting from washington, d.c. eamon javers getting
CNBC
Jan 28, 2013 7:00pm EST
better, far better. >> why now? bsds besides the election. we're worried about tax reform. jobs and unemployment. this is catapulted to the front of the line. why now do you think? >> well, big items like this. and this is a big one. need to be done early in a session. even with an issue like this that favors republicans, people get skittish so, i think, if you're going to move something this big, you've got to start early. >> can i -- can i barely call this? as i really want to because i think you're in the right direction. can i say that if done properly and orderly way, this is pro-growth, this is pro-growth, those immigrants come here to work and they'll help us. could it be sold as a pro-growth measure? >> you bet, you bet it can. just on the regular immigration reform that people think about. that's pro-growth, but what you mentioned, few people realize is part of this. on the high-tech side, we have american companies that are having a whale of a time finding enough americans to fill positions in the so-called stem fields. and this would deal with that issue and it would allo
CNBC
Jan 28, 2013 4:00pm EST
different. a lot of revenue and cash was earned due to taxes coming up. so people front loaded earnings, cash money, liquidity that were currently enjoying. but i'm not quite sure we didn't steal from this year and as the year wears on whether that's going to be an issue not going forward. >> you're saying there were so many expectations that we took them from the future and perhaps things slow down later on in 2013? >> i do believe that's a risk factor. and i think also it will depend on what comes out of washington with respect to structure reform in a number of areas too. you know, at the end of the day, we just don't see the base revenue growth on a really exciting basis going forward. we have hints of it, but we're not there yet. companies aren't truly spending. they're still sitting on cash. they paid a lot of dividends last year. they're not hiring people right now. and there's a lot of wait and see. what's the environment going to look like before businesses really get aggressive in business development. i think that could weigh in going forward. the other would be interest rate
CNBC
Jan 24, 2013 2:00pm EST
that the president and other politicians say, should they and can they pay more taxes and share their burden? >> i'm kind after low tax guy. i think taxes are too high. i think middle class has been thriving in spite of an unusually high tax burden. >> if we keep spending to the extent we are and expect entitlements, shouldn't everybody, including middle class, pay more? and it sounds like you are saying they have the ability to do so. >> to the extent we have taxes, they should be distributed more equitableably. >> but let's be clear. let's be clear. you know, they are paying more, right? according to your article, professor, which they are not getting wage gains because the cost of healthcare and other benefits they are receiving from their employer have gone up to the point where they are now 31% of total compensation so if healthcare costs were controlled, people might get raises. they're not because companies are paying the raise in higher healthcare and other benefits costs. >> that is one way in which higher compensation is passed on to workers. but keep in mind, for that, they
CNBC
Jan 31, 2013 6:00am EST
shape. >> taxes maybe. >> taxes are an issue, but. >> yesterday, i was told walmart are trying to deal with this now. people are coming in to try to buy things and people are getting pennies out of their pocket. >> walmart, they were able to see that people would be coming into the shore as their paychecks came in. they were coming in really late at night on a monday or whatever the cycle was. >> my brother is in food sales. he says at the end of the month, and you don't even have to go in and is visit some of the merchants. people don't have money and they're not really buying anything. there's a real cycle. >> did you hear it being used at the end of the month? i like that better than at the end of the day. >> that's underused. i hear people say at the end of the day. sometimes we ask them a question and they say it five times in the answer. every time they say it, they go, it was good that i saved it. at the end of the year, what will the toelgdz to 13 have been? >> i think around 2%. i don't think it's accelerating. i'm concerned about the impact of global growth, i'm concerned abo
CNBC
Jan 24, 2013 6:00am EST
getting out of the eurozone. today, he took a different tactic. we talked about not raising tax rates, but as corporations around the world both affecting issues in the uk and elsewhere are becoming a real issue. i want you to take a look at this piece. >> individuals and bess must pay their fair var. and businesses who think they can carry on, they can keep selling to the uk, and selling uk tax arrangements are for you to wake up and sell the company. >> that comment, by the way, about coffee is actually about starbucks which has created some problems because they've been avoiding taxes in the uk. but take a look at this quote right here. david cameron not making friends. labor mp dennis skinner says it was gruesome for the prime minister to be heading out of austerity-riddled britain to wine and dine at davos with 50 top bankser who helped create the economic crash several hundred tax avoiding milliona e millionaires. >> a lot of people talk today about a report. there was a report earlier this morning that mr. oh lund discovered averting. in total, the report was said to be untrue. we h
CNBC
Jan 25, 2013 4:00pm EST
this. and i'd like to get your take on the tax structure that is most favorable to getting people to be as generous as they can. what could you tell our viewers in terms of what government policy may be able to do to actually encourage more giving and how it can hurt? >> well, the tax deductibility of charitable giving certainly has been a positive factor in why the u.s. is the most generous. people give about 2% of their incomes and that's true it's not disproportionately the richest. across the board americans are quite generous. the estate tax which lets your charitable giving not be taxed is clearly a very positive encouragement to look at giving. i'd say that even more than the taxes, though, the fact that there's more examples of people where -- so everyone is asking themselves, you know, could i be giving you something, the fact that they hear the impact is very strong, i think the kind of social movement is even more, but the tax structure helps. >> what continuing investment is needed at this point? in other words who are the biggest stakeholders you want to reach that you h
CNBC
Jan 28, 2013 2:00pm EST
seems to only talk about spending cuts while democrats seem to only talk about higher taxes. no one is talking about growth. nobody but us, that is. our special series "grow up" begins today. plus, the one stock that nobody seems to understand, but that keeps going up. we have dug out five stocks that have just killed it since the last market peak. the names you probably never heard of until today, that is, mandy. >> that is, indeed. hello, everybody. so many awesome stats it choose from. let me try. today, the magic number is 8. s&p 500 is breaking eight sessions of begins. that the longest in eight years and jumped nearly 8% over the last four weeks. through friday of the 147 s&p companies that reported earnings, 68% had descent che expectations. and this is what you cannot be. the best of the stock market since the mullet of '89. >> that is my college freshman year picture which i tweeted out this morning in honor of 1989. listen, if someone is going to humiliate you, humiliate yourself first. look at that, and yes, a pledge pin on my lapel. wow, that stinks. >> unbeatable. let's ge
CNBC
Jan 30, 2013 6:00am EST
make of the tax issue which is starting to hit -- this is one of becky's big issues. she's been writing about about this -- how many years? >> the tax issue? >> the tax issue. >> the tax issue -- >> the -- the sales -- online sales tax. >> california and texas were hit this quarter. it could have played a role and probably did because u.s. revenues were lighter than international. i think for the most part there's a tradeoff. i think as they don't have to worry about violating the statute which is the no presence. and when they go down the path of actually charging sales taxes, that does mean they can actually move closer to the consumers, build some of the fulfillment centers there and offer some of the amazon conveniences. >> and i think amazon is actually behind some sort of a compromise that would bring you revenue on a per state basis at least. >> right. it is going to affect the bottom line ultimately. >> it -- i think so. i think that there's a lot of areas in investment i think for amazon below the gross profit line. i think we focus a lot, investors focus a lot on that story. b
CNBC
Jan 27, 2013 7:30pm EST
make decisions. it set a more effective tax system. it reduced taxes going forward. and i think we could have had a booming environment. i may be wrong. that's my own personal belief. if we had a grand bargain, america will take off. i think it's very important for america to get strong. the rest of the world needs us to. europe still has its issues. i think it's important that america kind of took the lead here. >> what does your gut tell you about all of this money moving into stocks recently? do you think this is sustainable? >> yeah, if the economy grows, it's sustainable. you know, it's not just america, it's european, japanese and chinese companies. but you're still buying them at fairly good prices. and your alternatives aren't really that good. so, yes, i'm comfortable owning stocks right now. >> my thanks to jamie di plrksz on. >>> the state of business, the state of investors and the state of europe all part of the conversation here this week from citi ceo to a billionaire philanthropist. here's what they had to say. >> our strategy is really focused around a few of the b
CNBC
Feb 1, 2013 4:00pm EST
deficit reduction with tax reform, entime reform and deschristianry spending reforms in areas like debt. extension of the debt ceiling for two years. clarification on europe. first, the recession needs to stabilize, but beyond that, policy initiatives clearly indicate a road to political and fiscal and banking reforms and an indication that europe is serious about improving competitiveness. resumption of growth in emerging economies, like china, and finally the federal successfully engineering a modest increase in interest rates without unleashing runaway inflation. maria, these are tall orders, i know, but resolution of all these issues would be a huge boost to business confidence, capital expenditures and hiring would increase dramatically and revenues would rise, and that's what we need, maria. back to you. >> that's some list, bob. >> pretty ambitious. >> we'll be watching that. not everybody is buying into this bull market theory, by the way. pimco's bill gross is actually warning investors to be afraid, and i mean very afraid, of how inflation and the flood of cheap money wil
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